Bitcoin Price Struggles Above $80,000 Amid Fed Rate Hike Expectations

Bitcoin's recent price action has been influenced by stronger-than-expected US employment data, which has revived expectations of another Federal Reserve rate hike. The August US payrolls report showed that the economy added 162,000 jobs, almost three times the 56,000 economists had expected.

The unemployment rate held at 4.1%, while average hourly earnings rose 0.3% from July and 3.1% from a year earlier. The employment figures have brought interest-rate risk back into focus before the Fed's September 15-16 meeting.

Bitcoin had climbed from below $78,000 on September 3 and briefly traded near $82,000 on Friday, but dropped back below $80,000 after the stronger-than-expected job numbers. The reversal has left Bitcoin struggling to hold above $80,000.